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RE: Market Watch: Very Near The Bottom

in LeoFinance15 days ago (edited)

That's what i'm thinking about from some time.
Btc and Eth dominate but cause to high fee people move to other cryptos with low fees.
But one day even the now-low-fee cryptos will became expensive
So in the end, people will move to fee-less cryptos as Hive.
We have to be ready for that day... we need more nodes, more witness, and an efficient system to avoid what happened last year.
CRYPTO ON!!

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Ha, yes... until RCs become expensive as well :D
RCs have a value... it's just that we currently round that value to zero and call it feeless
You'll see how crazy it gets by the end of the year: mark my words.

well it is kinda free because even if you will need to invest 200$ to transact you don't spend it, you can always sell it.

That is a great point... but I think what's going to happen is that eventually Hive will become so prohibitively expensive that users will start buying RCs directly without even owning any Hive Power. Anyone with HP will be able to farm on-chain bandwidth and sell it to the peasants directly. Hive is the original DeFi network and we aren't slowing down anytime soon. Anyone here today is in the top 1% of the top 1% in this respect.

The numbers don't really add up any other way. First it costs $2 to transact, then $20, then $200, then $2000, then $20k. At a certain point buying HP directly will be too expensive even with only a couple million daily users.

not sure, we did not have RC system in 2017-2018? So we kinda did not test it on a heavy load. and we are not really sure what a heavy load is.

i can just say that i hope you are right :D and not that i am going somewhere so will probably be here to see it

Next peak could be nine months out so... I mean imagine blog posts making thousands of dollars... that kind of money gets attention real fast. This time around instead of it taking 2 weeks to create an account users trying to enter the ecosystem gonna get in instantly just like they should have 3 years ago. This next run should be entirely different from last time.

Do you have an in-depth post on RCs on your blog? If not I think it would be an interesting to cover in depth.

There are some things that aren't so clear to me like the relationship between the hive blocksize and changing the RC costs of operations. For instance, can we make posting cost less RCs without changing blocksize? If so, wouldn't the blockchain just get bloated even though the RC system still shows that people can use the blockchain?

https://peakd.com/hive-167922/@taskmaster4450/hive-a-resource-credit-crunch-in-2021-2022

https://peakd.com/hive-167922/@edicted/hive-scaling-rc-burnout-open-letter-to-taskmaster4450

https://peakd.com/gaming/@edicted/creating-digital-assets-with-steem-s-resource-credits


The entire point of RCs is for the cost of operations to spike when the blocks start filling up. When RCs were launched, perhaps you remember how everyone had negative RCs and no one could do anything, we had to make RCs cheaper by x10 just so people could use the blockchain.

When blocks start filling up we are going to return to those x10 cost levels... perhaps even higher. This is going to prevent lots of users with low RCs from doing anything on Hive because it's so bloated. We need RC pools to avoid this: but that will push the cost of operations even higher.

Increasing the block size of Hive allows us to reduce RC costs, but again there is a huge cost to doing so: every node in the network becomes more expensive to run. That means many low level witnesses and new projects will drop out and go elsewhere. It's a balancing act of bandwidth and priorities.

Thanks, I needed to refresh my memory with all that info.

Long term, vertical scaling is needed. If I understand correctly what's been happening recently, modular hivemind is the first step into allowing devs to easily run their own sidechain where everything is cheaper and less secure.

Yeah that's true. We'll see.